Twitter KOL @Liam Herbst recently noticed a pattern of wash trading and arbitrage targeting NFTs. If you are a Blur Farmer who deposits ETH into Blur and prepares to earn points through Bid, be sure to understand this arbitrage method, and follow the following 8 suggestions to prevent falling into the "arbitrage trap" of giant whales:

• Stay away from NFTs that pump or plummet.

• Check your previous Bid before depositing ETH.

• Please carefully understand the various information of NFT before it goes online.

• Don't slip!

• Monitor low-priced bids.

• The bid price should not be higher than the floor price.

• Beware of collectibles that charge royalties.

• Track Blur's TVL.

The following is the specific content shared by @Liam Herbst in the tweet, compiled and compiled by Odaily.

1. Stay away from NFTs that are skyrocketing or plummeting

When whales actively bid for NFT collectibles, the floor price of a certain NFT will be temporarily raised. At this time, other bidders will also join Bid, resulting in a continuous rise in the floor price of NFT. Whales will then sell their own purchased NFTs to these Bid bidders when the time is right. The result is that whales earn huge profits from arbitrage, while bidders are left with empty wallets. For example, an account lost 50 ETH due to the arbitrage method.

Additionally, Cool Cats and Art Gobblers bidders also lost their ETH from pumps and dumps, the list goes on and on. Therefore, it is recommended to stay away from NFT collectibles with sudden price increases and "hands-off" transactions between several wallets.

2. Check your previous Bid before depositing ETH

If the ETH balance in your account falls below the Bid price, Blur's Bid mode will be disabled. If you add enough ETH back to your account, the transaction will be reactivated. What's wrong with this? Let's take a look:

First, you have a disabled Bid.

Secondly, the floor price of a certain NFT collectible dropped.

At this point, you have deposited more ETH into your account. Due to sufficient funds in the account, your previous Bid transaction was reactivated, and at this time, the NFT floor price has fallen, so in the process, you bought the NFT at a price higher than the floor price.

3. Please carefully understand the various information of NFT before it goes online

Before bidding, please carefully check the information of the NFT to see if it is rare, and check whether there is an offer on OpenSea that is higher than Blur's floor price, and then give a suitable Bid after a comprehensive evaluation.

4. Don't slip!

The more bids you have, the more likely you are to make a mistake at some point. Blur's seamless bidding experience is great for increasing efficiency, but speeding up the process will also allow you to spend less time checking for errors. Even some of the best traders are prone to this mistake. For example, NFT OG Franklin bid 35 ETH for Beanz, whose floor price was 1.73 ETH at the time, due to hand slip when buying Beanz, and the transaction was accepted before he wanted to cancel it.

So before submitting Bid, please always remember to scan the page prompt message. Using a hardware wallet will increase your checking time. Remember, you should only trade with what you can afford to lose because anything can happen.

5. Monitor low-priced bids

You can earn a small percentage of BLUR rewards with Bids well below floor price. However, you might also forget to cancel it and end up with a big bag of NFTs you didn’t want. So, before Bid, you can get from@oSnipeNFT(Discord) or@etherdrops_bot(Telegram) to get price alerts for NFTs.

6. Bid price should not be higher than the floor

Certain NFT collectibles on Blur can be bid but not traded. Naturally, degens found that they could bid risk-free and earn points this way. However, when collectible trading is enabled, high-priced Bids are accepted, for example, a trader bids 2 ETH for a collectible with a base price of 0.4 ETH that is not tradable on Blur but accepts their Bid Bid. But when the series activates Blur trading, the trader's Bid will be filled immediately.

Also, since recently transferred NFTs are not immediately acceptable for Bids, you may also see overpriced Bids within the first hour of a collectible live.By the way, Bid above floor price is an ineffective strategy. Points are earned based on how close they are to the floor price, not the highest price, so bids above the floor price actually earn fewer points.

7. Beware of royalty-bearing collectibles

Blur is now whitelisted on OpenSea's NFT marketplace. If the collectible you're trading opts into this whitelist, then the royalties will make the deal much less attractive, and many Blur Farmers will likely cancel the Bid and sell it for a low price.

8. Track Blur's TVL

and@OriginsNFTand@Magically_ggas well as@gemxyzThe emergence of the V2 platform will compete for a part of the traffic. Of course, Blur can use aggressive token incentives to try to attract liquidity. If successful, you can see that Blur's TVL will stay above this figure.